Note 26 - Listing of the 20 Largest Shareholders as of December 31, 2016

SHAREHOLDER

NUMBER OF SHARES

OWNER INTEREST

SIEM EUROPE S.A R.L

699,110,008

83.03%

ACE CROWN INTERNATIONAL LIMITED

79,201,509

9.41%

WATERMAN HOLDING LTD

13,500,000

1.60%

EGD CAPITAL AS

6,000,000

0.71%

SØRENSEN, TERJE

4,404,442

0.52%

MERRILL LYNCH, PIERCE, FENNER & SM

3,727,644

0.44%

ROVDEFRAKT AS

2,550,000

0.30%

DG-INVEST AS

1,538,161

0.18%

TONGA INVEST AS

1,500,000

0.18%

MYKLAND, SVEIN ERIK

1,350,000

0.16%

OPSAHL, STIAN

963,687

0.11%

FORSVARETS PERSONELLSERVICE

953,976

0.11%

CORTEX AS

952,000

0.11%

OSLOKANALEN AS

850,000

0.10%

BRUUN, LARS

699,656

0.08%

TIMUCUAN FUND LTD.

646,268

0.08%

BARRUS CAPITAL AS

515,697

0.06%

LEROLI AS

500,000

0.06%

KEBI AS

500,000

0.06%

MACAMA AS

473,500

0.06%

Total 20 largest shareholders

819,936,548

97.38%

Other shareholders

22,084,832

2.62%

Total number of outstanding shares

842,021,380

100.00%

Siem Europe S.a r.l. is the main shareholder of Siem Offshore Inc. and is controlled by a trust whose potential beneficiaries include members of Kristian Siem’s immediate family. Kristian Siem, who is Director of the Company, is also the Chairman of Siem Industries Inc., who is the parent company of Siem Europe S.a r.l.